Beef Plant TIF issue: Resolution 78-06

April 15, 2007

The following referred resolution was proposed by petition for submission to the voters. This referred resolution will not become effective unless approved by majority vote. Title: Resolution No. 78-06 as adopted by the Brown County Commission on October 31, 2006, Resolution relating to Tax Incremental District No. 1: Creating the Tax Incremental District; Establishing the boundaries thereof; and Adopting a project plan. State's Attorney's Explanation On October 31, 2006, the Brown County Commission adopted Resolution No. 78-06 creating Tax Incremental District No. 1 and setting the boundaries thereof. If the voters adopt the Resolution, the district will sell bonds, on the public bond market, for the financing of certain improvements of real property within the District, including, but not limited to land purchase, site preparation, utilities, waste disposal system, legal and accounting expenses, construction period interest, and parking and landscaping improvement. The bonds will be repaid, over a period not exceeding 20 years, by the increased property taxes paid by the beef processing facility. The selling of the bonds, and the construction of the improvements, will result in the operation of a beef processing facility to the south of Aberdeen. Qualified voters of Brown County filed a petition requesting that the resolution be submitted to the voters of the County for their approval or rejection pursuant to law. On March 6, 2007, the Brown County Commission voted to accept the petitions and submit the issue to the voters of the County. A yes vote will adopt the resolution. A no vote will not adopt the resolution.